The global permanent magnet market size was estimated to be US$ 21.2 billion in 2020 and is expected to reach US$ 41 billion by 2031 at a CAGR of 6.3%.
Permanent magnets are otherwise called hard magnets. These magnets convert electrical energy into mechanical energy as well as the other way around, which further controls the electrons and utilizes the aversion between magnets. Magnets of these kinds incorporate combination of magnets, namely, ferrite magnets, and reinforced alloy. They are utilized in different kinds of engines, amplifiers, machines, and air conditioning.
A permanent magnet is a component that holds its magnetic properties even without any magnetizing power like initiating field or current. These magnets are produced from amalgams like nickel, cobalt and iron among a few other uncommon earth metals, and minerals including lodestone. These will in general create a relentless magnetic field without requiring any outside source of magnetism or electrical force. They are normally utilized for modern just as homegrown purposes. Permanent magnets are utilized in regions where their attracting and repelling power is preserved and used without an outside force and changed over to perform valuable capacities.
Permanent magnets are utilized in ventilators, and the continuous pandemic has sped up their demand since 2020, as they are pivotal to treat respiratory treatment machines and help significantly in saving patient's life.
The spread-out demand for magnets seen in hybrid electric vehicles will support market development during 2021-2031. These hybrid electric vehicles contain both an inside combustion motor and an electric engine, which further needs about 2 kg to 3 kg of rare earth magnets. Likewise, it is additionally utilized in a few parts, for example, door locks, windscreen wipers, speakers, and electric window controllers. Henceforth, the bit-by-bit flourishing call for hybrid electric vehicles will fuel the car business, accordingly, advancing the hard magnet market growth significantly. The rising demand for consumer hardware will build the demand for permanent magnets. The advantageous properties of these magnets like captivation, shock, and energy transformation will assist with expanding its need in different consumer gadgets like PCs, TVs, music systems, PCs, and advanced mobile phones.
Besides, absence of effective substitutes for NdFeB magnets, combined with drives taken by a few governments to energize the utilization of green technology, is expected to add motivation to the market. Rare earth magnets represent a little volume share in the market traceable to factors, for example, significant expense, significant crude material amount available in China, and rising demand registered from different applications, like batteries.
As far as end-use is considered, the market is segmented into consumer gadgets, car, general modern, clinical gadgets, energy, and others. The customer hardware segment is the biggest use of the hard magnet market. The development in the utilization of magnets in this application is related with the rising demand for customer hardware items. The rising shopper extra cash and industrial advancement are the factors pushing the market for different electronic items, for example, cooling systems, cameras, blowers, amplifiers, and cell phones. Expanding interest for consumer gadgets will raise the utilization of permanent magnets all around the world.
In North America, the development of hard magnets is credited to the quickly spread-out demand for purchaser gadgets like wearable gadgets, PCs, clinical gadgets, and cell phones.
Moreover, the developing populace and extending modern manufacturing exercises in the Asia-Pacific province expanded the production demand based on the demand for power through different energy sources. This has been supporting the demand for permanent magnets in various applications. The hard magnet market in Europe is relied upon to rise strikingly, resulting from a quickly developing automotive industry. Moreover, the rising demand for electric vehicles and hybrid electric vehicles alongside unofficial laws to build the utilization of these vehicles over regular vehicles will drive the market in Europe.
Permanent Magnet Market Value Share Analysis, by Geography (2022)
The report titled “Permanent Magnet Market - Global Market Share, Trends, Analysis and Forecasts, 2023-2032”, wherein 2021 is historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the Permanent Magnet Market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The Permanent Magnet market is segmented as material, application, and region. Based on material, the Permanent Magnet market is segmented into Ferrite, Neodymium Iron Boron (NdFeB), Aluminum Nickel Cobalt (Alnico), Samarium Cobalt (SmCo), others. Based on application, the Permanent Magnet market is segmented into automotive, consumer goods & electronics, industrial, aerospace & defense, energy, medical, others.
Based on geography, the Permanent Magnet Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Italy, France, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, UAE, South Africa and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on Permanent Magnet Market. Further, market share of prominent companies in the Permanent Magnet Market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the Permanent Magnet companies. The Permanent Magnet Market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the Permanent Magnet business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the Permanent Magnet Market.
The key players of the Permanent Magnet Market are Daido Steel Co.ltd, Hitachi Metals Ltd, Magnequench International, LLc, TDK Corporation, Shin-Etsu Chemicals Co, Zhejiang Kaiven Magnet Co ltd, Tengam, Ak Steel Corporation, Ningbo Vastsky Magnet, Sin-Etsu Chemicals Co, Steward Advanced Materials LLC, Electron Energy Corporation, Toshiba Materials Co,ltd, and others.
Permanent Magnet Market Key Segments:
Based on material
Based on application
The global permanent magnet market is estimated to grow at over 6.3% CAGR between 2021 and 2031.
The global permanent magnet market size was estimated to be US$ 21.2 billion in 2020.
Daido Steel Co.ltd, Hitachi Metals Ltd, Magnequench International, LLc, TDK Corporation, Shin-Etsu Chemicals Co, Zhejiang Kaiven Magnet Co ltd, Tengam, Ak Steel Corporation, Ningbo Vastsky Magnet, Sin-Etsu Chemicals Co, Steward Advanced Materials LLC, Electron Energy Corporation, Toshiba Materials Co,ltd.
Automotive, Consumer Goods & Electronics, Industrial, Aerospace & Defense, Energy and Medical are among the prominent applications of permanent magnet.
North America is fastest growing region in this market.
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